TAX TIP OF THE DAY... Keep watch for incoming tax documents.
Tax filing is all about the paperwork. Most tax documents must be mailed to you by Jan. 31. New this year are 1095 forms to indicate health insurance coverage. Workers will receive W-2s from employers, W-2Gs if they collected unemployment benefits and 1099-MISC forms for work done as self-employed business person. Forms that will show up in investors' mailboxes include 1099-INT for interest income, 1099-DIV for dividend income and capital gain distributions and 1099-B for transactions handled by a broker. Students will get Form 1098-T listing tuition and Form 1098-E showing student loan interest paid. And retirees will get Form 1099-R if they are receiving IRA or other retirement plan payments and Form SSA-1099 if they're collecting Social Security.
SHARE WITH A FRIEND.
If you need tax help... www.baboiancpa.com